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ernesto-correa-m
April 14, 2021
Question

How do you enter gross receivables (HST Included) and have QBO calculate the sales amount (net of HST) and corresponding HST?

  • April 14, 2021
  • 5 replies
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5 replies

LeithG
LeithG
April 14, 2021

Hi Ernesto

 

When you enter a line item/expense/bill in QBO you'll be asked to assign a tax code for that item: GST, 0-rated, exempt, etc.

Just above that column, you should see a drop down to select whether the value being entered is tax exclusive (gross) or including tax (net).  QBO will then calculate and record taxes appropriately based upon your selection.

 

Hope this helps!

ernesto-correa-mAuthor
April 14, 2021

I am entering receivables (gross) via a journal entry. Can you expand your explanation using a journal entry?

LeithG
LeithG
April 14, 2021

Hi Ernesto

 

Generally, you want to avoid using Journal Entries in QBO, but use the built-in functionality instead.  For receivables, I'd recommend going on your menu to Invoicing-> Invoices-> Create New Invoice; or New+ -> Customers -> Invoice. 

From there you can select your line items and use the tax code and including/excluding as described.

Hope this helps!

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